Wave summary:
As expected, the corrective decline from 1.6020 is extending and should be able to reach support seen at 1.5644 before completing and setting the stage for the next impulsive rally higher towards at least 1.6655, and much higher levels towards 1.7196 and 1.7564 should be expected in the longer term. However, at first we need to allow the wave ii to complete near 1.5644.
Only a direct break above 1,5958 will indicate that the corrective decline in wave ii is completed early.
R3: 1.6072
R2: 1.6020
R1: 1.5958
Pivot: 1.5860
S1: 1.5776
S2: 1.5728
S3: 1.5644
Trading recommendation:
We are looking to buy EUR at 1.5665 or upon a break above 1.5958
